Bill S6890-2013

Relates to exempting the Niagara frontier transit authority (NFTA) from bond issuance charges

Relates to exempting the Niagara Frontier Transit Authority from bond issuance charges.

Details

Actions

  • Jun 20, 2014: referred to corporations, authorities and commissions
  • Jun 20, 2014: DELIVERED TO ASSEMBLY
  • Jun 20, 2014: PASSED SENATE
  • Jun 20, 2014: ORDERED TO THIRD READING CAL.1671
  • Jun 20, 2014: COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • May 12, 2014: REPORTED AND COMMITTED TO FINANCE
  • Mar 26, 2014: REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

Meetings

Votes

VOTE: COMMITTEE VOTE: - Corporations, Authorities and Commissions - May 12, 2014
Ayes (6): Ranzenhofer, Flanagan, Larkin, Martins, Perkins, Squadron

Memo

BILL NUMBER:S6890

TITLE OF BILL: An act to amend the public authorities law, in relation to exempting the Niagara frontier transportation authority from bond issuance charges

PURPOSE: To exempt the Niagara Frontier Transportation Authority (NFTA) from bond issuance fees required under current law.

SUMMARY OF SPECIFIC PROVISIONS: Section 1 of the bill states the Legislative intent.

Section 2 of the bill amends subdivision 4 of section 2976 of the Public Authorities Law to exempt the NFTA from the state bond issuance charge.

Section 3 of the bill provides that this act shall take effect immediately.

EXISTING LAW: Currently, bonds issued by the NFTA are subject to the bond issuance charge imposed by Public Authorities Law section 2976.

JUSTIFICATION: This proposal will reduce the cost of doing business for the NFTA, and thus offer more funds to provide better service and maintenance and reduce the need for future fare and toll increases.

PRIOR LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS: None to state

EFFECTIVE DATE: This act shall take effect immediately


Text

STATE OF NEW YORK ________________________________________________________________________ 6890 IN SENATE March 26, 2014 ___________
Introduced by Sen. RANZENHOFER -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Author- ities and Commissions AN ACT to amend the public authorities law, in relation to exempting the Niagara frontier transportation authority from bond issuance charges THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Legislative intent. Over the past several years, while support of mass transit in the greater New York City metropolitan area has expanded, state support for regional transit in the greater Buffalo Niagara Falls area has not seen similar support. This lack of support has adversely impacted mass transit riders in the greater Buffalo Niagara region serviced by the Niagara frontier transit authority (NFTA). It is the intent of the legislature that the NFTA use the savings that accrue from this act for maintenance and operations and to ensure that mass transit riders do not face any further service cuts. S 2. Subdivision 4 of section 2976 of the public authorities law, as added by section 12 of part E of chapter 494 of the laws of 2009, is amended to read as follows: 4. The provisions of subdivisions one and two of this section shall not apply TO BONDS ISSUED BY THE NIAGARA FRONTIER TRANSPORTATION AUTHOR- ITY AND to recovery act bonds issued by the state of New York municipal bond bank agency in connection with local American Recovery and Rein- vestment Act pursuant to section two thousand four hundred thirty-six-b of this chapter. S 3. This act shall take effect immediately.

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